mSchools (Connecting Parents & Schools): Education Is A 7 Trillion Dollar Industry

Monday, 7 April 2014

Education Is A 7 Trillion Dollar Industry

Education is a huge industry. It touches nearly everyone out there, so it should be. But often times when we think of ‘big industries’ we think of things like banking, cars, or consumer electronics. Well did you know exactly how big of an industry education is? And just how rapidly and how much the industry is changing because of new technologies?

The handy infographic below, from Knewton and Column Five Media takes a look at some of these questions and more. Learn how digital education is poised to transform the way teachers teach and how students learn.

The State of Digital Education

Education is a 7 trillion dollar industry
That is 570 times the size of the online advertising market
That is equal to 7 times the global mobile industry
It is more than the GDP of Italy, France, and the UK combined
Companies like Google, Amazon, Facebook, Twitter, Apple, and Netflix have brought easy access to information for students and teachers
30% of students in the US fail out of high school
33% of students in the US higher education system require remediation
46% of US college students do not graduate
1 student drops out of high school every 26 seconds
Technology enables customized education solutions for more students
Digital textbooks have been growing in popularity and are predicted to continue to grow over the next decade
Mass distribution of content from online learning is enabling more students to have access to education
Online learning enrollment is growing at a rate 14 times faster than regular higher education enrollment
95% of teachers believe that online tools help engage students
Cost savings from going digital is about 40%
It is expected that about 98% of learning will be in a blended learning model by 2020